Industry analysts Omnisperience found that 84% of communications service providers intended to invest in their bills in the next 24 months. The number one reason cited for this investment is to differentiate against competitors. The question is: can you deliver the changes the market is demanding faster than your rivals, or will you be left playing catch up and hoping your customers are not tempted away by a better billing experience?
Smart communications service providers (CSPs) are increasingly focussed on customer retention rather than just customer acquisition strategies. A powerful tactic in achieving higher retention is to move towards more effective bill communications. Simply put, bills need to become more relevant to customer needs and encourage engagement in order to minimise customer churn. The interesting part is that this can be realised without the need to wait for billing system consolidation or multi-year transformation projects. By focusing efforts on transforming the thin bill presentation layer, CSPs can deliver customer benefits faster.
Interestingly, during the duration of the study into bill effectiveness and transformation trends, not one CSP said that COVID-19 had slowed their endeavours towards digitalisation. In fact, 75% said the pandemic has actually expedited progress. However, as we know, transformation is generally an immense, complex, expensive and multi-year undertaking. So if CSPs cannot afford to wait years to improve digital capabilities, and their customers are not prepared to wait years to see the benefits, what can be done now?
CSP transformation must centre on lean and visible value
Smart CSPs are adopting 'lean digital transformation'. This advocates focusing efforts on adding the most customer value in the fastest time, and looking at where operational inefficiency impacts customers the most. The lean digital approach exposes the fact that a lot of digital transformation has been about meeting the CSP’s own needs for cost reduction and increased efficiency rather than meeting the customer’s needs.
A lean approach puts the customer back into the heart of transformations. By concentrating on the thin layer closest to the customer - rather than the thick layer of systems behind it - CSPs can add a ‘digital skin’ to their business support systems which rapidly transforms customers’ perceptions and experience. The resulting ‘digital makeover’ delivers the customer-centric benefits of transformation rapidly and cost-effectively while minimising disruption and risk.
The lean approach also allows CSPs to squeeze more value out of the sunk cost of their legacy systems and alleviates pressure on IT teams.This helps to further enable transformation and consolidate complex business support system architectures at the right pace and in a more controlled and less risky manner. This can be invaluable where time is at a premium. For example, to react to unprecedented circumstances such as the aftermath of the COVID-19 crisis, or following mergers or acquisitions where CSPs need to rapidly consolidate extra bill communications.
Not only does a lean approach deliver the type of digital experience that customers now expect, it helps CSPs do this in months rather than years, ensuring they stay ahead of rivals and differentiate their offering in the market.
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Soft-ex are an innovative and a global leader in Digital Billing Communications platforms and we are delighted to integrate their solutions into our CCM portfolio to the benefit of our joint DSP clients
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WidePoint Corporation (NYSE American: WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications
WidePoint Corporation (NYSE American: WYY), provider of Trusted Mobility Management (TM2) specializing in Telecommunications.
Soft-ex will be attending MWC Americas, in partnership with CTIA, on Sept 12-14, 2018 in Los Angeles. Ian Sparling, chief executive officer at Soft-ex
WidePoint Corporation (NYSE American: WYY), provider of Trusted Mobility Management (TM2) specializing in Telecommunications